Sending and receiving money might have just gotten easier than you thought. MTN Nigeria has just officially launched a mobile money transfer service called MoMo Agents that aims to help those without bank accounts.
The MoMo Agent Network complements existing banking services by extending access to simple money transfer services and other financial services nationwide. MTN Nigeria CEO Ferdi Moolman said the launch demonstrates MTN’s commitment to remain focused on enhancing Nigerian access to financial services.
As its biggest market, the Nigeria launch is seen as a significant move by experts and industry players. One of MTN’s biggest and successful MoMo operations in West Africa is in Ghana.
Some key pointers of the operation on take off shall be:
- Customers send a text for free and get a response giving them a list of registered agents near them.
- Customers pay transfer sum to agents who in turn gives them a code to be transmitted to the receiver. The receiver goes to an agent near them and collects the cash.
- The sender will pay 100 naira though. N50 will go to the sending agent and the paying agent will also get N50.
- The minimum amount that can be transferred is N100 and the maximum is either N50,000 or N100,000 depending on the agent.
- The recipient must claim the money within 30 days or the voucher will expire.
A key issue raised by a former top civil servant has been the 100 naira charge on transaction which he says is about double the about 52 naira charged on mobile banking transactions.